Accounts Payable 2023 Fiscal Year-End Checklist
As a part of Accounts Payable’s efforts to close accounting records efficiently for Fiscal Year 2023 (FY23), information and deadlines are outlined below.
- Review encumbrances now:
- Make sure all lines of the Purchase Order show fully invoiced and the status of invoice states payable. Purchase Orders are not to be closed unless there is an invoice posted. If the invoice has been satisfied with another method of payment, provide the payment information when requesting that Procurement Services close the purchase order.
- Non-catalog purchase orders that are not showing fully invoiced:
- Search for the invoices in the system. Search under the supplier’s invoice number or their name.
- Do not submit a supplier's invoice a second time to the DMR (email@example.com, as it will not upload. Search first in the Smart Source system for the invoice.
- For invoices with no purchase order, send a comment under the invoice to Accounts Payable (acctpay) with the purchase order number.
- For invoices not in system, send to the Digital Mail Room (DMR) at firstname.lastname@example.org. The Purchase Order number is required on the invoice.
- Invoices Catalog (Punchout) Suppliers:
- Catalog invoices are submitted electronically into the Smart Source system by the supplier.
- If you do not see an invoice posted by June 14, 2023, submit a comment to Accounts Payable (acctpay) in the Smart Source system under the Purchase Order number. Type in the comment “Name of the supplier - Requesting Invoice.” Accounts Payable will contact the supplier.
- Invoice in Smart Source system and a purchase order was never created:
- Send a comment to Accounts Payable (acctpay) that says, “Cancel invoice document,” then complete a confirming order form. The request to cancel the invoice document must be done prior to submitting a confirming order or the system will reject the form as a duplicate invoice.
- Recurring FY24 Payment:
- Create the purchase order now for FY24, and in the description field, type the word, “Recurring,” which will alert Procurement Services. The PO owner is required to send a comment to Accounts Payable (acctpay) “Recurring payments FY24”, under the completed purchase orders.
- Remember: Recurring payments are only set up monthly or quarterly. The monthly or quarterly payment must be the same each month or each quarter. Do not submit invoices for recurring payments each month or quarter. Payments will be scheduled to be issued seven business days prior to the due date.
- Please closely monitor your invoice approval queues to ensure timely handling of year-end invoices.
- Remember: For Purchase Orders created with an accounting date of 7/1/23 or later, the system cannot process the invoice prior to 7/1/23. If the goods or services were delivered prior to 6/30/23, the invoice must be recorded in FY23 with an accounting date of 6/30/23 or earlier. The invoice will have to be processed under a different form and the Purchase Order closed if payment is due prior to July.
- Payments required to be issued in July cannot be issued until the encumbrance has rolled into FY24 on July 7, 2023. If the expense is truly FY24, it will be added to the Accounts Payable accrual entry for FY24 beginning July 10, 2023. For more information, please visit the Comptroller website.
June 30, 2023
- Final Payment Run Fiscal Year 2023: The date of payment is not decided by the fiscal year. The accounting date decides the fiscal year. A check request, confirming order or purchase order (with invoice) created with a date of 6/30/23 or earlier will post in FY23.
- Prepaid Invoices: Invoices required to be prepaid before 7/1/23 for FY24 must be issued prior to or on June 30, 2023, for the payment run.
- Invoices Digital Mailroom (DMR) FY2023*: Invoices for goods and services rendered in FY23 must be received by Digital Mailroom (DMR) at email@example.com no later than Friday, June 30, 2023.
July 3, 2023
- Check Request & Confirming Order Forms FY23*: Smart Source check request and confirming orders for FY23 submitted July 1-3, 2023, must use the accounting date of June 30, 2023. For assistance with changing an order's accounting date, follow this PDF guideline. An order with an incorrect accounting date will require you to cancel and resubmit the order.
July 5, 2023
- First Fiscal Year 2024 Payment Run: The University closes July 3-4, 2023, for the holiday. There will be one payment run this week due to the holiday, year-end close, and roll of encumbrances.
- Approving FY23 Invoices*: Invoices in Smart Source system must be approved by 5 p.m. on Wednesday, July 5, 2023, to post in FY23. Invoices approved after Wednesday, July 5, 2023, will be posted to FY24.
The full fiscal year 2023 schedule can be found on the Office of the Comptroller’s Website. Additional information is located on the Procurement Services and Comptroller websites.
Please contact firstname.lastname@example.org with questions.
*To ensure that all invoices and check requests are processed before the end of the fiscal year, we are requesting they be submitted by the dates listed. Invoices and check requests submitted after these dates may still be processed before the end of the fiscal year; however, due to the increased volume during this time, Accounts Payable cannot guarantee they will be processed in fiscal year 2023.